American Express offered a 25% bonus on transfers of Membership Rewards points to Alitalia Millemiglia in October.
Now through December 31 they’re offering a 40% bonus on transfers.
They really should offer a 100% bonus, since Alitalia doubled the cost of partner awards overnight last month. They call their program changes the ‘New Miles Revolution’.
You can book US-Italy business class roundtrips for 80,000 miles — or with this promo, just 58,000 Membership Rewards points.
Alitalia does add fuel surcharges to award tickets, but also may be improperly disclosing taxes and fees. Someone adventurous may wish to pursue that. (Update: Alitalia tells me they have “opened an investigation to Sabre to fix the issue with the tax label.”)